The state pays annually for interest, Ordinary expenses of government, The interest in arrear on state debt, December 1, 1846, was $651,821.16 197,769.00 1,299,922.33 From the aggregate of the funded debts, there should be deducted $3,200 5 per cent. bonds, advanced to the Baltimore and Ohio Railroad Company, which have never been put into the market, and which, it is confidently believed, will never be a charge upon the state. This makes the absolute debt of the state $11,986,784.98, which, with a less deduction, was put down ante, p. 168, at $12,011,785. The productive capital of the state, consisting of stocks and debts due the state, is $3,198,618.92. Besides this productive stock, the state holds $16,006,407.95 of capital and credits, at present unproductive; but which must, at some future time, become of considrable value. The estimated present value of this unproductive stock is $5,000,000. assessed value of the real and personal property of the state, for the year 1846, was $177,555,846; and the levy thereon was $443,889.58. The new assessment of the city of Baltimore will add to the valuation $25,171,784, and to the levy $62,929.46. The Sinking Fund. This fund amounted, on the 1st of December, 1844, to $1,276,306.70; on the 1st of December, 1845, to $1,411,911.54; and on the 1st of December, 1846, to $1,515,227.01. It is estimated, that if the accruing interest on the state debt be regularly paid, the debt itself, by the operation of this fund, will be extinguished in thirty years. During the year it has increased $103,315 47, and in the same period has lessened the public debt, $22,931.25. An act was passed by the legislature, March 8th, 1847, in pursuance of the unanimous report of the committee of ways and means, authorizing the treasurer to resume the payment of the current interest on the public debt on the 1st day of January, 1848. The arrears of interest are to be funded, and to bear interest at the rate of 6 per cent.; but the payment of this interest is to be postponed until the whole current interest be paid on the principal debt. The estimates that were made by the committee of the revenues of the state during the year to meet the new state of things, have so far been much under the actual returns into the treasury from the several sources by it specified. All doubts concerning the success of the measure have vanished. The first permanent English settlement formed in America was made, in 1607, by one hundred and five adventurers, on James river, in this state, at a place named Jamestown, in honor of James I. of England. Several unsuccessful attempts had been made in the latter part of the preceding century, during the reign of Queen Elizabeth, in honor of whom the country was named Virginia; which name, though now limited to a single state, at the time of the settlement, was applied to all the country in America lying between latitude 34° and 45° N. The early history of the colony is full of interesting and affecting incidents, occasioned by dangers and calamities; by sickness, want, and contests with the Indians. The government of the colony was at first administered by a council of seven persons, with a president chosen from among their number; but afterwards it was administered by a governor, appointed, except during the Commonwealth in England, by the crown. The first constitution was formed in 1776; the present amended constitution was adopted in 1831. Every white male citizen of the state resident therein, twenty-one years old, and possessed (1) of a freehold in land worth $25, either as a joint tenant, or in severalty, or (2) entitled to a reversion, or vested remainder in fee worth $50, and having been so possessed or entitled for six months; or (3) who shall hold a lease for five years, paying a rent not less than $20, with the evidence of title recorded two months before he offers his vote; or who (4) for the year preceding has been "a housekeeper and head of a family," and has paid a state tax within that time, may vote for members of the General Assembly, in the place where such land lies, or such housekeeper lives. And if two or more joint tenants, &c., hold a freehold which does not entitle all to vote, the manner in which the proper number of votes shall be cast, shall be fixed by law; and all popular elections shall be viva voce. Members of the House of Delegates, one hundred and thirty-four in number, shall be twentyfive years old, and resident freeholders of the place they represent; and shall be chosen annually by counties, cities, towns, boroughs, or districts. Senators, thirty-two in number, shall be thirty years old, and resident freeholders of their districts; and shall be chosen annually, one-fourth every year. The senatorial and representative districts shall be apportioned every ten years, beginning with 1841; but the number of delegates cannot be above one hundred and fifty, nor of senators above thirty-six. No clergyman or priest is eligible to either house. The General Assembly shall meet once or oftener every year." All laws shall originate in the House of Delegates. The governor shall be thirty years old; a native citizen of the United States, or a citizen at the time of the adoption of the federal constitution, and for the last five years a citizen of the state; and shall be elected by joint vote of both houses, for three years, but not for two consecutive terms. The council shall consist of three members (any one or more of whom may act) chosen for three years, one every year, by joint vote of both houses; and, the senior councillor shall act as lieutenant-governor, and succeed to the office, in case it be temporarily vacant. The judges of the supreme court of appeals and of the superior courts shall be elected by joint ballot of the General Assembly; shall receive salaries not to be diminished during their term; and shall hold office during good behavior; and be removable by two-thirds of the votes of both houses. The attorney-general shall be ap pointed by the two houses in joint ballot to hold office during their pleasure; the clerks of courts shall be appointed by the courts; and sheriffs and coroners shall be nominated by the county courts, and approved by the govThe judges appoint the constables. ernor. The governor, treasurer, auditor, 2d auditor, and register of the land office are, ex officio, members of the board of public works, literary fund, north-western and south-western turnpike roads. They do not receive extra compensation for this service. * Acting lieutenant-governor in the absence of the governor. do. The productive property of the state, consisting of stocks and debts due, is $6,370,880.36. The total funds held by the state are $10,863,503 57. The net receipts from taxes during the year were $550,358.55. Chief Sources of Income. Interest on public debt, $416,937 22 Ordinary revenue and taxation, $633,525 24 Redemption of part of public debt, 45,676 67 Bank dividends, 244,315 27 Deaf, dumb, blind, and lunatic asy., 72,246 83 Military Institute at Lexington, 7,500 00 Dividends of joint-stock comp's, 73,458 67 Bonus on bank cap. ($8,773,370), 46,597 93 University of Virginia, Dawson fund, Interest on loans, dividends, &c., Fines, forfeitures, and penalties, Literary fund refunded, Dawson fund, 107,788 73 9,350 77 Criminal charges, 12,510 00 15,000 00 8,902 45 School quotas, 72,529 75 61,778 86 12,345 76 9,461 65 Contingent expenses of courts, 34,915 93 33,618 26 5,853 34 22,000 00 Appropria. and subscrip. to roads, 28,358 20 20,850 00 26,650 00 7,144 55 Pay and rations of public guard, 23,601 91 $82,609 54 Militia, arms, &c., 27,731 97 89,231 64 Miscellaneous, 45,856 79 Loans for joint-stock cos. (int. imp.), Chief Items of Expenditure. Expenses of General Assembly, Officers of Government, XIII. NORTH CAROLINA. In the latter part of the fifteenth century, three different attempts were made, under the direction of the celebrated Sir Walter Raleigh, to establish settlements in North Carolina, which was then included within the limits of the country, that had been recently named Virginia. These were the first attempts made by the English to form colonies in North America; they all proved unsuccessful; and many years passed away before the attempt to settle the country was renewed. The first permanent settlements were formed about the middle of the seventeenth century. North Carolina was long united under the same government with South Carolina; it was for many years called the County of Albemarle, or the County of Albemarle in Carolina, and about the beginning of the 18th century, the Colony of North Carolina. As early as 1715, it had a separate legislative assembly, at which time Charles Eden was governor ; and in the year 1727, it was formed into an entirely distinct province. |